Pursuant to Section 17(j) of the Commodity Exchange Act, as amended, National Futures Association ("NFA") hereby submits to the Commodity Futures Trading Commission ("CFTC" or "Commission") proposed amendments to NFA Registration Rules 201 and 203(a). The proposals contained herein were approved by NFA's Board of Directors ("Board") on May 21, 1998.

NFA intends to make the amendments to Registration Rules 201 and 203(a) effective ten days after receipt of this submission by the Commission unless NFA receives notification that the Commission has determined to review the amendments for approval. Any amendments relating to an earlier submission which may still be pending Commission approval after the ten-day period will not be included in the revised rule.

Please be advised that the language contained herein also reflects amendments to Registration Rule 201 that are currently pending Commission approval1. Should those amendments still be pending when the proposals in this submission letter become effective, the pending amendments will not be reflected in the revised rule.